Texas (Rate Wire) -- The benchmark 30-year fixed mortgage rate in TX has moved down since the beginning of the year. In our first reading for the year on Jan. 7 the rates averaged 4.89%; this week the average stands at 4.2%, a drop of 69 basis points. The state average is higher than the national average of 4.13%, which is 7 basis points lower than in TX. If you are looking for the best rate in the area, then you should focus on banks, as the average rate that you can find at a bank is 20 basis points lower than the average credit union. Since our last report, rates have increased 4 basis points. The shorter term 15-year fixed mortgage in TX rates have dropped from 4.4% to 3.64%, a drop of 76 basis points.The key adjustable rate mortgage, the 5-year ARM in Texas, has decreased since the beginning of the year from 4.04% on Jan. 7 to the current week's average of 3.12%, a drop of 92 basis points. Since our last report, rates have increased 8 basis points. Since the beginning of the year, mortgage rates have been very volatile with the 30-year rate fluctuating between 5.26% and 3.94%.